Wade Cook Gets 88 Month Sentence

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Before the trial began, Wade was able to give Laura a few smiles and chuckles. The small public seating area of the courtroom was heavily filled with the Cook's family members and friends.

Before sentencing, Wade Cook's attorney, Angelo Calfo, who specializes in white-collar crime, put the best spin he could on the charges against Wade Cook, arguing that Wade Cook, the person, was not the business enitity or tax shelters he was operating. Thus, was not libel for any unpaid taxes. It was an issue of personal versus business debt.

Judge Thomas Zilly, interrupted and said, "well, somone made $ 9,500,000 in income and didn't pay any taxes on it." The judge also mentioned when Laura Cook plead guity in a plea agreement, she admitted they knowingly filed false tax returns for the years 1998, 1999 and 2000.

Judge Zilly said the Cooks owe over $3,700,000 in back taxes. Calfo argued that those figures are based on being in the 39% tax bracket and the Cooks are in the 28% bracket. The judge asid the tax code is clear. Income over $ 278,000 puts you in the 39% tax bracket. Calfo stated that according to his figures, the most the cooks owe is $ 13,000.

The judge argued that the Cook's complicated limited partnerships were used as a tax-free bank account for the Cooks.

Wade Cook was taking constant notes of the proceedings on a large, yellow legal pad.

The Judge then asked if Wade Cook had anything to say for himself. His attorney said he advised his client not to speak before the court.

Then, Federal Prosecuting Attorney, Bob Westinghouse, argued that Wade Cook is as defiant today as the day he was charged. He believes he's not guilty and has told people around him he's not guitly. Westinghouse said, "Wade Cook is prepared to blame everyone else other than himself. He refuses to accept responsibility for the fraud he committed. "Wade Cook is seen shaking his head sidways in disbelief, while Westinghouse is making his accusations.

Westinghouse further argues, the Cooks have filed no income taxes since 2000 and have used the Mormon Church as part of their sophisticated attempt at tax evasion.

"He (Cook) shows no contriteness for what he's done wrong". He's still promoting his tax shelters and wealth creating advice on his website.

Before passing sentence on Wade Cook, Judge Zilly, said one on hand Wade Cook portrays himself as an expert on Asset Protection and Stock Trading. He's a family man and involved in his church. But there's a dark side of Mr. Cook:

In 1990 he was convicted of selling unregistered securities. From 1993 to 1996, he filed no Income Taxes, but later settled with the IRS. Judge Zilly said, "apparently you didn't get the message", because within a year, he created his "Never Ending Wealth" and Charitable Trust.

Wade stood at the podium with his attorney during his sentencing. The Judge then sentenced him to 88 month (7years, 4 months) in prison. The judge gave him five to six weeks to get his affairs in order before surrendering himself to Federal Authorities.

Wade had no expression on his face when the sentence was first read. He walked away with a "fed up" look on his face.

Laura shed a few tears as did his daughters during Wade's sentencing. It was at this point, the sentencing hearing took on a sad, depressing tone and started to feel more like a funeral service for the Cooks than a court trial.

Laura Cook's attorney, described this day as the worst day in Laura Cook's life. He described her as a good wife and mother who home schooled her chilren. He asked the Judge to consider what sending her to jail would do to her family. Her attorney recommended no jail time for her.

Prosecuting Attorney, Bob Westinghouse, argued that Laura Cook created a fake, back-dated promissory note in an attempt ot make it appear the money taken out of the trust funds were a loan, when in fact, it was all an attempt to decieve the government.

Before passing sentence, Judge Zilly mentioned that Laura Cook gave false testimony under oath and gave him (Judge Zilly) false testimony to use on her behalf in her trial.

The Judge sentenced Laura Cook to 18 Months in prison. Laura didn't shed a tear, but Wade Cook began crying. Having Laura sentenced to prison, finally broke Wade's defiant personality for a moment. As Laura walked back from the podium, she walked by the chair Wade was sitting in. Wade, still seated, hugged Laura, with his head in her chest.

After Laura's sentencing, Wade was sitting by himself on a court bench in tears, being comforted by what appearted to be one his daughters.

For that moment, he truly looked like a broken man.

-- posted by hairie13

Ask Hairie13 questions about the trial in our Wade Cook discussion Forum

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